Q2 results prompt dip in Investec shares

Investec has edged slightly lower during share trading on the FTSE 100 today (July 30th) after posting its second-quarter financial results.

In the three months to June 30th, the banking and asset management firm saw net operating income rise 11 per cent, with attributable earnings climbing two per cent.

By 12:45 BST, its shares had dipped 0.08 per cent on the FTSE, taking their price to 499p.

In its interim management statement the Investec said its "diversified business model and solid recurring income base continued to support a satisfactory performance for the first quarter of the financial year".

Its UK operations recorded strong results across the asset management and capital markets divisions, it said, but added operations in South Africa and Australia were hampered by subdued economic activity and weak equity markets.

The business, which is due to release its interim results on November 18th, stated growth in its wealth and asset management divisions should be added by rising savings levels across developed markets.

Posted by Gareth Mann